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Questions and Answers of Economics

a. Discuss three tools government can use to influence imports.b. Discuss and evaluate the two classical arguments for trade protection and restriction.
What are the ways in which a marketing audit can help improve coordination between functional areas of the firm?How can a marketing audit be used to make adjustments to a marketing plan?Why would
Consider the following demand schedule for bottles of water: PRICE (P) Quantity Demanded by Consumers(bottles / month)$0.50
Explain why economic growth accelerated so much for some countries, but not others, after the Industrial Revolution.
Why does the Bay of Fundy between Nova Scotia and New Brunswick have a tidal bore and a tidal range of over 15 meters (50 feet) while Chesapeake Bay has no bore and much lower tides?
Women often find barriers when moving towards the top. Is there any sense in your mind that there are barriers to women's advancement in the firm? If not, has there been such barriers in the past, or
Do you feel that employees are adequately informed of the risk?
Do you feel that the risk is acceptable and reasonable?
First-semester GPAs for a random sample of 30 freshmen at a large university are given in the attached spreadsheet. Estimate the true mean GPA of the freshmen class with 99% confidence.A. 2.04 <
What are the probable effects on sales and profits of each of the following credit these policies?
What are the various source of information you might use to analyze a credit applicant?
What are the principal factors that can be varied in setting credit policy?
Why is the saturation point reached in spending money on collections?
What is the purpose of establishing a line of credit for an account? What are the benefits of this arrangement?
The analysis of inventory policy is analogous to the analysis of credit policy. Propose a measure to analyze inventory policy that is analogous to the aging of accounts receivable.
Before the first Gulf War, Kuwait had the capacity to produce a certain amount of oil from its oil wells. After the war, it found that capacity greatly diminished because the oil wells were on fire.
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc). Identify the provisions that you feel
Explain the principle of Blue Ocean Strategy.
Define the four perspectives of a Balanced Score Card. Discuss the use of the Balanced Scorecard as a tool in translating an organization’s vision to a strategic plan and the execution of strategic
Even in firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Explain. Will price be higher or
Antitrust authorities at the Federal Trade Commission are reviewing your company’s recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the same market will
Suppose that the demand for water balloons fit the function D(p,ps)= .2 p-0.5ps-0.2; where p is the price of water balloons and ps is the price of super soakers (an advanced squirt gun
Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. Assume that the supply and demand curves for oil are linear. The current estimates of the
From the following payoff matrix, where the payoffs are the profits or losses of the two firms, determine (a) whether firm A has a dominant strategy, (b) whether firm B has a dominant strategy, and
Create a chart in which you describe the stages of Piaget’s theory of cognitive development. For each stage, identify a task that a child could perform.
Does the executive summary describe the key elements needed in a business plan?Is the proposed offer well written, why or why not?What are the important marketing issues and competitive
The American Flag Corporation (AFC) wants to determine the effect of its inventory turnover and days sales outstanding (DSO) on its cash flow cycle. Last year, AFC's sales (all on credit) were
Corporation XYZ has the following data on labor input and production of commodity Z for each of the eight production periods.1. Use the data on labor input and total output to calculate the marginal
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in exhibit 7.
In the simple Cournot model, firms make their output choices simultaneously. In practice, firms sometimes make these kinds of decisions sequentially.Suppose that you manage one of the firms discussed
The capsize screening value C should be less than 2 if a boat is to be considered safe for ocean sailing. The formula is given as C = 4d-1/3b where d is the displacement in pounds and b is the beam
Lydia is designing an envelope for invitations she made. She plans to use two rectangular pieces with a width of 12cm and a length of 14cm and make the flap a triangle that goes 1/2 of the way down
The cost of producing x units of a product is given by:C(x) = 800 + 120x – 120ln(x), x ≥ 1.Find the minimum average cost.Minimum average cost = _____________________
Currently 10,000 people take city buses each day and pay $2 dollars for a ticket. The number of people taking city buses at price p dollars per ticket is given x = 5000 √6-pa. Evaluate the
The demand function for a Christmas music CD is given by x = 0.25(225 – p2)Where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars.a) Evaluate
The half-life of Radium-226 is 1590 years. If a sample contains 100 mg, how many mg will remain after 2000 years?
The function f(x) = -x2 + 4x + 9 assumes its maximum value for which value of x?A. 2B. 1C. 3D. 0E. None of the above
Using the Census data in problem 1, above, the OH Registry of Motor Vehicles reveal the following about the Autos owned by the 10 families residing in Smallville, OH:4-Wheel DriveMade in America No
How has the Greek economic collapse affected the healthcare system of the country?
Describe the events leading to the Louisiana Purchase. What objections did Jefferson hold and how did he reconcile these? What ramifications did this purchase hold for the new nation?
Choose three major battles of the Civil War. Identify each and thoroughly explain their impact on the war.
President Obama has proposed an increase in the national minimum wage from the current level of $7.25 to $9.00. Apply the principles of causation to evaluate this proposal from the differing
Are civil liberties and homeland security opposing concepts in the United States? Do you need to trade one for the other in a zero sum game?
Writing a short essay comparing the differences between the Italian Renaissance and the Northern Renaissance on Fashion Art?
Two customers move about among three servers. Upon completion of service at server i, the customer leaves that server and enters service at whichever of the other two servers is free. (Therefore,
Compare and contrast at least three work related characteristics of Hispanic and Anglo-American cultures.
One can think about cultural diversity in many ways. How, in your opinion, should an American organizations approach cultural diversity issues?
Explain the meaning of cultural competence. How can you describe the cultural competence at your work?
Discuss any two of the following terms related to the dimensions of diversity.1. Racism:2. Ageism:
Discuss the term "cultural competence" and its implications for employees and organizations.
Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:Medical expenses ...................$5,000Alimony
Explain, using an example, why the following versions of a profit-maximizing approach to price discrimination are not correct:(a) A firm with Monopoly in two markets and the same costs of serving
What is the dead-weight loss that results from the monopolization of a market? Who loses this? In other words, does the dead-weight loss come from producer or consumer surplus? Are monopolist’s
Heron Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year and asks you to prepare Schedule M-1:Net income per books (after-tax)
The emergency room at HSI serves patients who arrive according to a Poisson distribution at the rate of 9 per hour. Treatment takes an average of 6 minutes and the treatment times can be considered
Empirical evidence shows that stock market in the United States is efficient.Explain the three forms of market efficiency .
In 1987 RJR Nabisco, the food and tobacco giant, had $5 billion of A-rated debt outstanding. In that year the company was taken over, and $19 billion of debt was issued and used to buy back equity.
Explain how a company can incur costs of financial distress without ever going bankrupt. What is the nature of these costs?
The Black Diamond Company mines coal. It would like to build a processing plant right next to its major mine. The location of this mine is relatively remote and is not near other coal mines. Tax
Helen makes cheesecakes using equipment that she rents for $300 and cheese and butter that cost $4.55 a cake. She hires workers and finds that they produce according to the following schedule:
A. Put the demand and supply curves together (at the original productivity and wages). Even though she is the only cheesecake maker, Helen acts as if she is in a perfectly competitive market. How
Evaluate each of the following proposals to raise money to address global warming. Consider for each the equity issues, whether the proposal will work, and the efficiency in terms of minimizing
My neighbors are college students who sometimes have late-night parties. Assume that the nuisance cost of these parties to the rest of the neighborhood exceeds the joy they have in partying hearty.a.
Suppose a monopolist can purchase Labor at a price w = 1 and can purchase Capital at a price r = 9. The monopolist’s production function is given by Q = L1/2K1/2. The demand facing the monopolist
Suppose there are two types of consumers. The demand for each type of consumer is given by:Type A: Q = 100 – 2PType B: Q = 80 – 4PSuppose a monopolist has constant marginal cost = 6. Also,
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm’s TC function is given by TC = 60 +3Q +2Q2, so its Marginal Cost is MC = 3 +4Q. If the market price is P =
Confusion and chaos are often at the heart of any disaster. Identify how the Incident Command System can aid in coordination efforts. Describe specific functions of the Incident Command System.
In recent years, the use of mobile computing devices in production processes of many types has increased tremendously. New software applications have been created to solve business and engineering
Recently some people have complained that sports team mascots offend their cultural groups. Sports names such as the Nortre Dame "Fighting Irish", the Florida "Seminoles", the Cleveland "Indians",
Assume an economy where the current economic conditions include:Unemployment stands at 10% and the Full Employment level is 5%.Inflation is running between 1 and 2% on an annual basisLong term
How should one go about adopting a major HMIS standard, for example, HL7 or DICOM?
Search the internet to find two graphs to critique: one you evaluate to be a good graphical representation of the information presented and the other to be a poor graphical representation of the
What were the differences between German Jewish immigrants and Sephardic Jewish immigrants? Did one group assimilate better than the other? Why?
What fiscal policy would you recommend to eliminate the inflationary or recessionary gap in the following scenarios? You must show your calculations to get full credit.a. Recessionary gap of $800
Use the following table to answer the questions listed below.Total Output Cost TFC TVC AFC AVC ATC MC0 $2010 $ 4020 $ 6030 $ 9040 $12050 $18060 $280a. Calculate the total fixed costs, total variable
The following table shows the last six years average new weekly unemployment insurance claims.Year Average weekly newunemployment insurance claims2004 .............341,3002005
If the Potinsky household spends $39,000 annually on all living expenses and long-term debt, calculate the amount recommended for an emergency fund. How might household circumstances (e.g, wage
Is cigarette smoking a normal good or inferior good and why? Is it substitution effect or income effect? Is cigarette smoking any diminishing margin rate?
Distinguish among the 5 design characteristics identified by Hackman and Oldham. Why is an understanding of these characteristics important for managers to know?
Thoroughly discuss job analysis and its relative importance in HR.
Distinguish among labor markets, labor force population, applicant population, and applicant pool.
Thoroughly discuss recruiting evaluation and metrics.
What are the three most important ethical principles that you feel organizations should adhere to in terms of their staffing philosophies? Why?
What is affirmative action? What is an affirmative action plan? Do you feel that affirmative action is a good way to remedy past discrimination? Why or why not?
Which three general barriers to legally defensible staffing do you feel are most common? What can companies do to remove these barriers?
Politicians often promise economic growth. What has to happen for this to occur? What will promote long run economic growth? What is the best way to measure it? Defend your preferred approach to
Compare and contrasts land filling incineration. What is the trade off for each option?
Discusses the issues that occur when voice traffic is sent over a typical wireless local area network, such as what the advantages are, the problems often encountered, and how these problems can best
Explain the relationship among household disposable income, consumption, and savings.
What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving? Use an example to explain MPC.
What impact would you expect each of the following events to have on business cycles? Label each as a demand-side or supply-side shock.a. Defense production increases due to the imminent threat of
Explain the following statement: Any deviation from planned output or planned expenditures (Consumption + Investment) will throw the economy into disequilibrium. To illustrate your explanation,
Three months ago you purchased, at par, a $100,000 bond with a stated interest rate of 5%. Today, the Federal Reserve announced that it is reducing the discount rate by 0.5%. How would you expect
All other factors held constant, what would be the effect on the demand for money (M1) of each of the following situations. Explain the rationale behind your responses.1. An increase in real GDP2. An
If you are the chief economist of a country experiencing high unemployment and flat GDP, what macroeconomic policies might you enact in response to these economic conditions? How would you expect
Joe Producer makes a product that sells for $1,000. In the production process, he pays $750 for wages, $125 for materials, and $ 75 for rent. Three-fourths of Joe’s output is consumed and the rest
An apparel manufacturer purchases cotton and other raw materials for the production of shirts. Would the sale of cotton from a cotton mill to the shirt manufacturer be included in the calculation of
Are all expenditures of a government included in the calculation of GDP for that nation? Why or why not? If not, what government expenditures should be excluded from GDP? Are income taxes collected
Explain the Consumer Price Index (CPI), the GDP Price Index, and the Producer Price Index (PPI). What does each measure? Which is most important to measuring changing price levels in an economy and
How does an economy achieve macroeconomic equilibrium? What affect does a high level of inflation have on macroeconomic equilibrium?

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